具体来看，2026年2月6日，芯来智融集中完成多项重大工商调整：不仅变更了企业名称，更核心的是将企业类型从有限责任公司变更为非上市股份有限公 司（即业内俗称的"股改"），同时完成登记机关升级至上海市市场监督管理局、核心管理团队成员调整等事宜。值得注意的是，股改作为企业登陆资本市 场的核心前置环节，叠加此前芯原股份收购终止的背景，难免让市场对芯来智融筹备独立上市的可能性产生诸多猜测。 芯来智融半导体科技（上海）股份有限公司 88 Mincrei 全部 工商 监管 诉讼 招投标 | 新闻 经营 G 共 383 条自身动态 关联动态 840 > 提示 企业类型变更 14:39 [7] 变更前:有限责任公司(外商投资企业与内资合资) 变更后: 股份有限公司(非上市、外商投资企业投资) 提示 登记机关变更 14:39 [7] 变更前登记机关:自由贸易试验区市场监督管理局 变更后登记机关: 上海市市场监督管理局 核准日期:2026-02-06 提示 主要成员变更 14:39 [7 职务变更:彰剑英、覃小蓉 退出:范奇晖、郑一鸣、邓洋丽 新增:郑岩、陶玉敏、夏敏、甘霖 提示 企业名称变更 14:39 [7 变更前：芯来智融 ...

Core Viewpoint - The termination of the acquisition of 97.0070% equity in Chip Coming Technology by Chip Origin Co., Ltd. has led to significant corporate changes at Chip Coming, indicating a potential move towards independent IPO preparation [1][3]. Group 1: Acquisition Background - In August 2025, Chip Origin planned to acquire Chip Coming to fill its gap in the RISC-V CPU IP sector, aiming to build a comprehensive IP capability [3]. - Chip Origin, a leader in semiconductor IP with a strong portfolio including GPU and NPU, had previously held a 2.99% stake in Chip Coming since 2019 [3]. - The acquisition was ultimately terminated due to disagreements between the management of Chip Coming and the transaction counterpart regarding valuation and strategic differences, particularly in the rapidly growing RISC-V sector [3]. Group 2: Corporate Changes - On February 6, 2026, Chip Coming completed several significant corporate adjustments, including changing its name and transforming from a limited liability company to a non-listed joint-stock company, which is a key step towards preparing for an IPO [1][2]. - The registration authority was upgraded to the Shanghai Municipal Market Supervision Administration, reflecting an elevation in its development positioning [4]. - Key management changes were made to enhance governance structure and address shortcomings in IPO preparation [4]. Group 3: Market Position and IPO Potential - Chip Coming is positioned as a leading player in the RISC-V sector, boasting over 300 customer resources and benefiting from favorable policies and market conditions, which supports its potential for an IPO [4]. - The series of corporate adjustments signals a clear intention for independent listing, with previous financing rounds and partnerships with industry leaders providing additional support [5].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-28.83 billion), Zhongji Xuchuang (-15.50 billion), and Aerospace Development (-13.04 billion) [1] - The sectors affected by the capital outflows primarily include communication equipment, internet services, and optical electronics [2][3] - The largest percentage decline in stock prices was observed in Zhejiang Wenlian, which fell by 9.79% [2] Group 2 - Other notable stocks with substantial capital outflows include Guizhou Moutai (-5.44 billion), Sunshine Power (-5.46 billion), and Sanan Optoelectronics (-4.11 billion) [1][3] - The overall trend indicates a negative sentiment in the market, particularly in the communication equipment and internet service sectors [2][3] - The data reflects a broader market trend of capital withdrawal, impacting various industries including agriculture, aerospace, and cultural media [1][2]

Group 1 - AI concept stocks declined, with Kunlun Wanwei dropping over 8%, Chipone falling over 5%, and Xinyi Sheng and Zhongji Xuchuang both decreasing over 4% [1] - The AI-related ETFs in the Sci-Tech and Entrepreneurship sector fell by more than 2% due to market influences [1] Group 2 - Various AI-related ETFs showed the following price changes: - ICBC Sci-Tech Entrepreneurship AI ETF at 1.073, down 2.81% - Yongying Sci-Tech Entrepreneurship AI ETF at 1.043, down 2.52% - Huatai-PB Sci-Tech Entrepreneurship AI ETF at 1.083, down 2.52% - E Fund Sci-Tech Entrepreneurship AI ETF at 1.088, down 2.51% - Penghua Sci-Tech Entrepreneurship AI ETF at 1.052, down 2.41% - Morgan Sci-Tech Entrepreneurship AI ETF at 1.056, down 2.49% - Invesco Sci-Tech Entrepreneurship AI ETF at 1.057, down 2.40% [2] Group 3 - Analysts indicate that AI is the core driving force of a new technological revolution, with its greatest value lying in creating new possibilities rather than merely enhancing efficiency [2] - Large model technology is profoundly reshaping the global industrial landscape, with potential to bring incremental commercial value worth trillions of yuan to the financial industry, transitioning from efficiency enhancement to value creation [2] - The iterative development of large models faces challenges such as technological bottlenecks, high investment costs, and the need to balance with regulatory frameworks [2]

Group 1 - The core point of the news is that Chip Origin Microelectronics (Shanghai) Co., Ltd. experienced a stock decline of 5.47%, with a current share price of 193.37 yuan and a total market capitalization of 1016.96 billion yuan [1] - The company was established on August 21, 2001, and went public on August 18, 2020, focusing on providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [1] - The revenue composition of the company includes: 41.85% from chip volume business, 28.81% from intellectual property licensing fees, 23.83% from chip design business, 5.21% from royalties, and 0.29% from other sources [1] Group 2 - From the perspective of fund holdings, Guojin Fund has one fund heavily invested in Chip Origin, specifically the Guojin Xinyue Economic New Momentum A (010375), which increased its holdings by 5,978 shares in the fourth quarter [2] - The fund currently holds 19,800 shares, accounting for 5.27% of the fund's net value, making it the third-largest holding [2] - The fund has a total scale of 31.65 million, with a year-to-date return of 14.22% and a one-year return of 32.41% [2]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 1.60%, indicating a negative market sentiment towards the semiconductor sector on February 6 [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.525 yuan, reflecting a decrease of 1.60% [1] - Since its establishment on September 30, 2022, the ETF has achieved a return of 157.22% [1] - The ETF has recorded a return of 4.60% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.48% [1] - Haiguang Information (海光信息) down 1.00% [1] - Cambricon (寒武纪) down 1.49% [1] - Lattice Semiconductor (澜起科技) down 1.87% [1] - Zhongwei Company (中微公司) down 1.23% [1] - Tuojing Technology (拓荆科技) down 0.37% [1] - Chipone (芯原股份) down 3.69% [1] - Hua Hong Semiconductor (华虹公司) down 1.90% [1] - Hu Silicon Industry (沪硅产业) unchanged [1] - Dongxin Co. (东芯股份) down 1.37% [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，2月5日数字人民币板块较上一交易日下跌1.22%，芯原股份领跌。当日上证指数报收于 4075.92，下跌0.64%。深证成指报收于13952.71，下跌1.44%。数字人民币板块个股涨跌见下表： 从资金流向上来看，当日数字人民币板块主力资金净流出10.34亿元，游资资金净流入4.66亿元，散户资 金净流入5.68亿元。数字人民币板块个股资金流向见下表： ...

Group 1 - The core viewpoint of the article highlights the performance of the Southern Science and Technology Chip ETF (588890), which opened down by 1.13% at 2.892 yuan on February 5 [1] - Major holdings in the ETF experienced declines, with notable drops including: SMIC down 1.61%, Haiguang Information down 2.11%, and Cambrian down 1.68% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Southern Fund Management Co., Ltd. The fund manager is Li Jialiang [1] Group 2 - Since its establishment on April 15, 2024, the ETF has achieved a return of 192.73%, with a one-month return of 11.24% [1]

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the domestic AI model development and cloud computing industry in China, with a focus on companies like ByteDance, Alibaba, and Huawei [1][2][3]. Core Points and Arguments - **Intensive Release of Domestic AI Models**: The domestic AI model sector is entering a dense release period, with significant models such as DeepSeek's OCR2, Kimi's K2.5, Alibaba's Qwen3-Max-Thinking, and Baidu's Wenxin 5.0 being launched. ByteDance plans to release three new AI models in February, including Doubao 2.0, Seedream 5.0, and SeedDance 2.0, with Alibaba also set to launch Qwen 3.5 during the Spring Festival [1]. - **High Capital Expenditure by Cloud Providers**: According to a report, ByteDance has planned a capital expenditure of 160 billion yuan for 2026, up from approximately 150 billion yuan in 2025. Alibaba is also advancing a three-year plan for AI infrastructure construction with a budget of 380 billion yuan [2]. - **Accelerated Demand for Inference Power**: The rapid iteration of domestic models is expected to enhance user interaction with AI, leading to a significant increase in demand for inference computing power. 2026 is anticipated to be a pivotal year for the deployment of domestic supernodes, with several companies, including Huawei and Alibaba, launching new supernode solutions [2]. - **Supply and Demand Dynamics**: The industry is poised for a significant growth phase, with both supply and demand sides actively engaging. The financial team has been recommending Chip Origin as a top pick in the domestic computing sector since December, emphasizing its importance [3]. Other Important but Possibly Overlooked Content - The release of multiple AI models is expected to accelerate the commercialization of these technologies, indicating a robust growth trajectory for the domestic AI industry [1]. - The ongoing investments in AI infrastructure by major cloud providers are crucial for establishing a solid foundation for domestic computing power demand [2].